The time has come again, and if you are feeling a bit nervous about the impending end of the financial year. Take a deep breath; if it makes you feel better, we are all doing this now.
To get started, here's a checklist of the essential financial statements your accountant will need to produce your business accounting and tax preparation: profit and loss statements, balance sheets, and, if you use them, a cash flow statement. Please check with them what more they need and what dates they require these reports.
I suggest printing them all in detail, as you may need them to support your figures. Do not worry if it seems too much; I have never heard an accountant complain if they are given too much.
For the tax-savvy, review these reports and look for opportunities to write off any lousy stock or bad debts. I suggest highlighting them so you can discuss with your accountant what they want to do with as these write-offs can potentially translate into tax deductions.
Although many people do, our system does not need a unique backup for EOFY.
End-of-Financial-Year reporting
Sales Reports
These will give you the totals of your revenue streams.
Stock Valuation
You will need to do this after you conduct your stocktake. This report will provide a comprehensive picture of your current inventory levels and values and will clearly show your inventory management.
Accounts receivable (debtors)
This report will give a total of your customers' debts and also highlight any unpaid invoices or outstanding balances.
Accounts payable (creditors)
If your POS software tracks creditors, this report will give you the total amount of any outstanding payments you owe to suppliers or vendors.
The Webinar
Our team has prepared a video from a webinar that dives deep into the intricacies of end-of-financial-year reporting using our POS software. From dissecting each report to answering your burning questions, this webinar is a must-watch.
Remember, knowledge is power; these reports are vital to unlocking insights and opportunities. So, grab that coffee, roll up your sleeves, and let's conquer this financial year together!
Reporting and some helpful system functions for the End of the Financial Year.
Of course, if you need more help, give us a call.
